Politics & Finances

US Gov. Launches Tax Probe Into Credit Suisse Accounts

10/10/2022

Credit Suisse, one of the largest Swiss banks in the world, is facing a tax probe launched by the United States government.

Bloomberg shared details about the investigation, which stems from a 2014 situation that saw the financial giant pay $2.6 billion after admitting to aiding clients with tax evasion.

Now, the Justice Department seemingly has reason to believe that Credit Suisse may not have stopped these activities.

Bloomberg noted specifically that the DoJ is "examining whether the bank aided US account holders, particularly with South American passports, who may not have told the Internal Revenue Service about assets totaling hundreds of millions of dollars, according to people familiar with the matter. Former bankers blew the whistle on the bank, court records show."

The bank has categorically denied any ongoing wrongdoing.

In a statement obtained by Bloomberg, Credit Suisse said:

“Credit Suisse does not tolerate tax evasion. We have implemented extensive enhancements since 2014, to root out individuals who seek to conceal assets from tax authorities. Our clear policy is to close undeclared accounts when identified, and to discipline any employee who fails to comply with bank policy or falls short of Credit Suisse’s high standards of conduct.”

Prior to this new investigation, in October 2021, the United States Securities and Exchange Commission (SEC) confirmed that Credit Suisse paid $475 million to US and UK authorities to resolve charges connected to fraudulent bond offerings in the African nation of Mozambique.

What do you think about Credit Suisse's ongoing legal issues? For assistance with your own wealth management questions, match with a qualified local expert now.

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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